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RBI launched UTKARSH 2.0

Published on January 02, 2023
Current Context: The Reserve Bank of India has started the second phase of its plan to improve regulatory and supervisory systems, called Utkarsh 2.0.
RBI launched UTKARSH 2.0
  • Utkarsh 2.0 builds upon the previous phase, Utkarsh 2022, which began in July 2019 and covered the period through 2022. The new phase, which will run from 2023 to 2025, aims to improve the effectiveness of the Reserve Bank of India's statutory and other duties, increase its importance and relevance nationally and internationally, and enhance its internal governance, infrastructure, and human resources through six vision statements.
  • The six vision statements of Utkarsh 2.0 include:
  1. Excellence in performing statutory and other functions: This goal aims to improve the effectiveness of the Reserve Bank of India's duties in serving the needs of the Indian people and economy.
  2. The strengthened trust of citizens and institutions in the Reserve Bank of India: This goal aims to increase trust in the Reserve Bank of India, which is essential for the bank to carry out its mandate effectively.
  3. Enhanced relevance and significance in national and global roles: This goal aims to increase the importance and relevance of the Reserve Bank of India both nationally and globally in order to better contribute to the stability and development of the Indian economy.
  4. Transparent, accountable, and ethics-driven internal governance: This goal focuses on improving the Reserve Bank of India's internal governance by making it more transparent, accountable, and guided by strong ethical principles.
  5. Best-in-class and environment-friendly digital and physical infrastructure: This goal aims to improve the Reserve Bank of India's digital and physical infrastructure by making it top-quality and environmentally friendly.
  6. Innovative, dynamic, and skilled human resources: This goal aims to improve the quality and capabilities of the Reserve Bank of India's workforce by making them more innovative, dynamic, and skilled.
  • The Reserve Bank of India places significant value on its medium-term strategy and regularly assesses its implementation and progress through a sub-committee of its Central Board. This helps the bank stay on track in achieving the goals set out in Utkarsh 2.0 and allows it to adapt to any changes that may occur.

Question: 

Q.1 The Reserve Bank of India, started the second phase of which of its plan to improve regulatory and supervisory systems.
a. Economy 2023
b. SAMBAL 2.0
c. GARUD 2.0
d. Utkarsh 2.0

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